New Delhi: Union Minister Nitin Gadkari has said that he hopes to soon announce a financial package for micro, small and medium industries (MSME) by the government. The MSME sector contributes 29 percent to the country’s economic growth and 48 percent to exports. The sector also plays an important role in generating employment. However, the region is going through a great crisis. Millions of units are going through losses due to Coronavirus disease and at a time when they are struggling with their existential crisis, employment prospects are also getting bleak.
The MSME Minister said, “This situation is being considered very seriously in the government and we are doing everything possible at our level.” We are in talks with all the concerned parties and various departments are also being discussed with each other. We are making every effort to get a better package for the MSME sector. The problem in this area is very serious and we are supporting them in such a situation.
Nitin Gadkari told a TV news channel, “I hope that the package will be announced by the government as soon as possible.” A special joint secretary has been appointed for better coordination with them. Gadkari said that all kinds of clearances will be given to foreign companies within three months with better respect and facilities in the country.
Significantly, Prime Minister Narendra Modi on Saturday, along with Home Minister Amit Shah and Finance Minister Nirmala Sitharaman had a meeting along with several key ministers and economic ministries, to give a second relief package to the industries affected by the Coronavirus lockdown amidst the economic challenges that have arisen across the country. The news agency PTI gave this information quoting its sources. Sources said that the Prime Minister held discussions with Shah and Sitharaman. He then also held meetings with ministers of other major economic ministries like micro, small and medium enterprises (MSME) on related issues.
The Prime Minister held meetings with various ministries including civil aviation, labor, and power on Friday. He held detailed discussions with the ministries of commerce and MSME on Thursday to attract domestic and foreign investment and focus on the revival of small businesses in the country.
PM Modi was accompanied by both the Home Minister and Finance Minister during these meetings. In order to reduce the difficulties of the marginalized people, the government had announced an incentive package of Rs 1.7 lakh crore for poor women and the elderly at the end of March. Sources said that the government may soon announce another stimulus package for the affected industries.
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